Local June 13, 2024 | 4:06 pm

Dominican Embassy strengthens collaboration with Spanish entities

Santo Domingo.- Ambassador Juan Bolívar Díaz, head of the Dominican Republic’s diplomatic mission to Spain, signed legal agreements with two Spanish entities at the embassy yesterday.

The first agreement was signed with Fernando Herrera Mendieta, president of Power & Glen Asociados SL (Punto Ahorro Stores). The second was with Luis Socías Uribe, director of Invest In Madrid (IIM) and representative of the Madrid Foundation for Competitiveness (FMC). Patricia Ortiz, director of Institutional Relations at IIM, also attended.

The agreement with Punto Ahorro Stores grants Dominican consumers special advantages when purchasing products, including home accessories, electronics, sports, health, beauty, and fashion items. These can be bought in stores or online at www.puntoahorro.com, as well as through the Correos Market or Wallapop Pro digital platforms. This agreement will last for six months and can be renewed for an additional year unless terminated by either party with three months’ notice.

The Memorandum of Understanding (MOU) between the FMC and the Dominican Government outlines the cooperation framework that IIM and the Embassy will develop to enhance institutional relations and foster mutual cooperation in investment and foreign trade. According to Ambassador Díaz, this MOU will facilitate periodic meetings to identify actions to promote business internationalization programs, such as export initiation and consolidation, opening new markets, and finding business cooperation methods to optimize resources.

The MOU will also encourage the regular exchange of information, publications, and data, particularly regarding the regulatory frameworks of each country, to guide business opportunities. This agreement, valid for three years, will automatically renew for another three-year term unless an extension is agreed upon in writing.

The signing of these agreements, facilitated by the commercial section of the Dominican Embassy in Spain, led by counselor José Manuel Vargas, reflects the strong bilateral relations between the two countries and aims to enhance reciprocal commercial cooperation.

Members of the Dominican Republic Embassy in Spain attended the formal signing ceremony.

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